CITY OF POWAY
NOTICE OF CITY COUNCIL
PUBLIC HEARING
NOTICE IS HEREBY GIVEN that the City Council of the City of Poway will hold a Public Hearing to consider the following item: NOTICE OF FILING APPLICATION AND PUBLIC HEARING WITH RESPECT TO THE ISSUANCE OF TAX-EXEMPT AND/OR TAXABLE OBLIGATIONS BY THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY FOR THE PURPOSE OF FINANCING FACILITIES FOR THE BENEFIT OF 12220 KIRKHAM, LLC, SPOONER’S WOODWORKS, INC. AND/OR A RELATED OR SUCCESSOR ENTITY
DATE OF MEETING:
March 3, 2015
TIME OF MEETNIG: 7:00 p.m.
LOCATION OF MEETING:
City Council Chambers
13325 Civic Center Drive
Poway, CA 92064
STAFF CONTACT: Jay Virata, Economic Development
Manager
PHONE NUMBER: 858 668-4509
The City Council will hear and consider information concerning the issuance, from time to time, pursuant to a plan of finance, of one or more series of tax-exempt and/or taxable obligations by the California Enterprise Development Authority (the “Issuer”) in an aggregate principal amount not to exceed Seven Million One Hundred Thousand Dollars ($7,100,000) (the “Obligations”) for the benefit of 12220 Kirkham, LLC, Spooner’s Woodworks, Inc. and/or a related or successor entity (the “Borrower”). The Issuer will loan the proceeds of the Obligations to the Borrower pursuant to one or more loan agreements (the “Loan Agreement”). The proceeds of the Obligations loaned to the Borrower will be applied to (1) finance the cost of acquisition, rehabilitation and equipping of an approximately 58,000 square foot manufacturing facility located at 12460 Kirkham Court, Poway, CA 92064 (collectively, the “Facilities”), and (2) the payment of certain financing costs and costs of issuance in connection with the Obligations. The Facilities will be used to manufacture custom millwork and casework for industrial and commercial buildings, or for the production and distribution of other tangible personal property. The Obligations will be paid entirely from repayments by the Borrower under the Loan Agreement. Neither the faith and credit nor the taxing power of the City of Poway (the “City”), the State of California (the “State”) or any other political corporation, subdivision or agency of the State is pledged to the payment of the principal of, premium, if any, or interest on, the Obligations, nor shall the City, the State or any other political corporation, subdivision or agency of the State be liable or obligated to pay the principal of, premium, if any, or interest on, the Obligations. The Public Hearing is intended to comply with the public approval requirements of Section 147(f) of the Code. Notice is further given that the Borrower has filed an application with the Issuer in connection with the proposed financing of the Facilities with the proceeds of the Obligations, and reference is hereby made to such application for further particulars. ANY INTERESTED PERSON may review the staff report at the Poway City Hall, City Clerk’s Office, 13325 Civic Center Drive, Poway, CA, or by visiting the City’s website at www.poway.org. If you challenge the matter in court, you may be limited to raising only those issues you or someone else raised at the public hearing described in this notice, or in written correspondence delivered to the City Council at, or prior to, the public hearing. Those wishing to comment or those who have any questions regarding the proposed nature and location of the Facilities and the financing of the Facilities with the proceeds of the Obligations may either appear in person at the time and place indicated above or submit written comments, which must be received prior to the Public Hearing by the City Council addressed to: City of Poway, Attn: City Clerk, 13325 Civic Center Drive, Poway, CA 92064. Published in the Poway News Chieftain on Thursday February 19, 2015. Order No. 15-012. P4411.
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